$MPTYY is a Spanish REIT, the largest on the Ibex. However, it is one whose traditional business (offices, logistics, shopping centers) is under pressure.
Currently, data centers account for about 10% of rental income; this is expected to rise to 65% by 2032. The situation is quite different at GAV, where data centers already account for 80% of the approximately €13.5 billion.
To date, 160 MW have been leased, including to ($CRWV (+0.31%) , $META (-0.3%) and $NBIS (-0.03%) ).
This is expected to rise to 200 MW by the end of 2026. The pipeline stands at >200 MW. Everything here also depends somewhat on the new regulations in Spain. If they are implemented as announced, things might get tough.
Does anyone know this REIT or is already invested in it? How do you view it compared to “real” data center REITs like $EQIX (+1.55%) or $DLR (+1.51%) ?
Edit: Here are some figures from the last quarter:
- Revenue: Total income reached EUR 307 million, with gross rental income at EUR 292 million, representing a 10% like-for-like increase.
- FFO (Funds From Operations): FFO was EUR180 million, an 8% increase year-over-year.
- FFO Guidance: Full-year 2026 FFO guidance was raised from EUR327 million to EUR340 million, equating to approximately EUR0.55 per share.
- Loan-to-Value (LTV): LTV decreased to 24.5%.
- GAV (Gross Asset Value): GAV increased by 3.7% on a like-for-like basis.
- NTA (Net Tangible Assets): NTA stood at EUR15.99 per share.
- Occupancy: Overall occupancy was 94.7%, with shopping centers at 96.9%, logistics at 95%, and offices at 84.4% in Barcelona.
- Like-for-Like Rental Growth: Overall like-for-like rental growth was 3.3%, with shopping centers leading at 6.4%.
- Tenant Sales (Shopping Centers): Tenant sales increased by 8.4%, and foot traffic grew by nearly 2%.
- Occupancy Cost (Shopping Centers): Occupancy costs remained affordable at 10.8%.
- Data Center Leasing: 160 megawatts of IT capacity was brought online, up from 112 megawatts in the previous quarter.
- Data Center Phase 1 GRI: Estimated gross rental income for Phase 1 is EUR68 million for 2026.
- Data Center Promote: Recognized a promote accrual of EUR101 million for Phase 1, with a payment of nearly EUR20 million in March 2026.
- Capital Recycling: Sold EUR75 million in assets as of July, with an additional EUR90 million in divestments agreed upon.
- Liquidity: Held EUR2.6 billion in liquidity.
An article on regulation: https://www.idealista.pt/en/news/financial-advice-in-portugal/2026/10/06/77877-data-centre-development-will-move-to-portugal
